Agreement reached on new T2S migration plan

In their meeting of December 10 the CSD Steering Group discussed the outcome of the technical assessment of solutions for the delayed migration of Euroclear ESES CSDs to T2S.

Agreement was reached on a migration plan that would allow Euroclear ESES CSDs to migrate on September 12 2016 together with VP Lux and VP Securities, while Clearstream Banking AG, the Baltic CSDs, CDCP, KDD, KELER, LuxCSD and OeKB CSD would migrate on February 6 2017. The final wave, comprised of Iberclear and Euroclear Finland, would migrate to T2S on September 18 2017.

NBB-SSS and Interbolsa are maintaining their original plan to migrate on March 28 2016.

The new migration plan will be complemented by further mitigating actions that will aim to avoid the further delay of any CSD and to reduce the impact of such a delay on other CSDs. The discussions on this issue will be concluded in February 2016 when, according to plan, a decision will be taken by the Governing Council on the new migration plan. More details will be published next week in the new edition of T2S OnLine, says the European Central Bank.

An official statement from Clearstream reads as follows: “Clearstream has been fully committed to achieving a harmonised European settlement platform since the beginning. TARGET2-Securities is a revolutionary and challenging project, and while we have been well on track for our scheduled migration to the platform, we fully support the proposal of the CSG and T2S Board to amend the migration schedule. As announced today, Clearstream will join T2S in February 2017. As a result, Clearstream will adjust its operational and market readiness activities to adapt to the changes in the migration schedule and remains dedicated to fully leveraging the benefits of T2S to the advantage of our customers.”